KLCI wavers as KL Kepong, Axiata lead decliners

KUALA LUMPUR: Blue chips got off to a cautious start on Wednesday in the absence of any strong firm leads from funds with KL Kepong and Axiata weighing on the FBM KLCI.

At 9.20am, the KLCI was down 2.17 points or 0.13% to 1,627.29. Turnover was 248.01 million shares valued at RM81.59mil. There were 129 gainers, 147 losers and 236 counters unchanged.

Meanwhile, the ringgit continued to weaken against the US dollar, down 0.29% to 4.143 from 4.131.

 

Oil prices rose, supported by concerns over tightening global supply due to US sanctions and fighting in Libya, as well as an unexpected fall in US crude inventories, Reuters reported.

Brent crude oil futures rose 21 cents to US$71.93 a barrel by 0034 GMT. US light crude futures were up 40 cents to US$64.45 per barrel.

At Bursa, KL Kepong fell 12 sen to RM24.80 and Axiata six sen to RMRM4.12.

Among the oil stocks, Petronas Chemicals fell five sen to RM8.90 and Hengyuan four sen to RM5.92 while Serba Dinamik shed three sen to RM3.93.

FACB Industries lost nine sen to RM1.19, Gamuda five sen to RM3.08 and Suncon four sen to RM1.92.

HLFG was the top gainer, up 18 sen to RM19.20, Tasek added seven sen to RM5.10, Pharmaniaga six sen to RM2.08 and Press Metal five sen to RM4.58.